A Beginner’s Guide to Owning the Bitcoin Cryptocurrency

Bitcoin cryptocurrency is buzzing all over the world, whether you are on the internet or in any media. It is one of the most exciting and bizarre things to come into existence in the last few years. More importantly, you can earn a great return by trading Bitcoin or you can hold it for a long time.

You may have heard of stocks, commodities, forex and now a new currency called bitcoin trading that greatly affects our lives. In this Beginner’s Guide to Bitcoin Cryptocurrency, you will learn the ABCs of Bitcoin.

About Bitcoin Cryptocurrency

The origin of Bitcoin is still unknown but a paper was published in October 2008 under the pseudonym Satoshi Nakamoto from Japan. His identity is still unknown and as of September 2017 he is believed to have about one million bitcoins worth more than $6 billion USD.

Bitcoin is a digital currency popularly known as cryptocurrency and is free from any geographical boundaries. It is not controlled by any government and all you need is an internet connection As a newbie, Bitcoin technology can confuse you and it is a bit difficult to know about it. However, I will help you dig deeper into it and how you can easily make your first Bitcoin trading.

Bitcoin cryptocurrency works on blockchain technology which is a digital public ledger and shared by anyone in the world. Every time you trade bitcoins you get your transactions here and anyone can use the ledger to verify it. Transactions executed will be fully transparent and verified by blockchain. Bitcoin and other cryptocurrencies are part of blockchain and it is a great technology that only runs on the internet.

Key Terms Related to Bitcoin Cryptocurrency

Before you get ready to own your first Bitcoin, it’s good to know the basic terms related to Bitcoin. It is also called BTC which is a fraction of Bitcoin and 1 Bitcoin is equal to 1 million bits. Along with the emergence of Bitcoin, some other alternative cryptocurrencies have also developed. These are popularly called Altcoins and include Ethereum(ETH), Litecoin(LTC), Ripple(XRP), Monero(XMR) and many more.

XBT and BTC are the same thing and are commonly abbreviated to Bitcoin. Mining is another term that is used a lot and is actually a process done by computer hardware for Bitcoin networks.

What you can do with Bitcoin

You will be able to trade, transact, receive and store Bitcoins. You can send it to your friends, make friend requests and save it to your digital wallet. Even, now you can top-up your mobile/DTH directly by paying with Bitcoin.

Transaction costs are lower than PayPal, credit cards and other online intermediaries. In addition, it also protects your privacy which may be leaked on the internet while using the credit card. It is highly secure and no one can confiscate or steal the coins. Because of the transparency of the system, it is also not possible to manage it because of the shared public ledger. You can verify transactions from anywhere and anytime.

The total production of bitcoins is limited to only 21 million so the demand is likely to increase. Japan has already legalized it and other countries may soon follow suit and prices may rise further

I will cover Bitcoin in detail in the coming days where you will learn the great things about Bitcoin trading. You can comment your opinion and ask anything related to Bitcoin.

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